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Investor Presentaiton

Imperial's downstream advantage Well positioned for future market success Market evolution Pipeline capacity additions > WCS/MSW spreads tighten to transport parity > Enbridge Mainline light/heavy balancing Biofuel penetration impacts refinery utilization > Inefficient refineries at greater risk > Resilient jet, asphalt demands Heightened incentive to maximize production to reduce unit costs > Greater exports into US > Domestic Canadian demand extremely valuable Pressure on smaller/less-efficient refineries ▷ Scale, access to capital, regulatory requirements Imperial position ■Favourable light crude refining economics Benefits both upstream and downstream K YEARS 1880-2020 ■ Efficient scale and operations provide resiliency > Logistics enable efficient blending and sales Strong domestic demands and markets ▷ Long-term strategic relationships, nationwide access > Net sales exceed production > Strength in growing Ontario market Large refineries; integration advantage imperiai | 2020 58
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